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Pension for everyone?

  • 12-02-2011 3:19pm
    #1
    Closed Accounts Posts: 7,941 ✭✭✭


    I am just wondering something.
    You have jobs,you get a pension granted with your job right.And then you have other jobs alot more i think that dont.
    My question is.Would it be a good idea,for all employers no matter what job to set up for their workers and i mean chipper workers all types of putting a certain amount away every week or month for their pension fund.And if you leave that job you can sign it over to your new job and carry on paying it.And cut back the tax on workers?

    Thanks :)


Comments

  • Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    How might that plan differ from the Contributory Old age Pension?


  • Closed Accounts Posts: 7,941 ✭✭✭caseyann


    Basically those who are working in jobs with no pension from their actual job have no protection really.As with someone who has pension from work for number of years also gets the state pension correct?

    Like tds get how much a year?


  • Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    why would the government deprive themselves of a regular income stream in order to save money decades down the road

    nono you don't understand the time-frame politicians operate in ;)

    and where will the money go? the "untouchable" NPRF?


  • Closed Accounts Posts: 7,941 ✭✭✭caseyann


    ei.sdraob wrote: »
    why would the government deprive themselves of a regular income stream in order to save money decades down the road

    nono you don't understand the time-frame politicians operate in ;)

    and where will the money go? the "untouchable" NPRF?

    Sorry i am ignorant who is the NPRF?


  • Moderators, Society & Culture Moderators Posts: 9,768 Mod ✭✭✭✭Manach


    National pension reserve fund
    http://en.wikipedia.org/wiki/Pension_fund


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  • Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    the 20+ billion pensions piggy bank that was raided to run the country erm banks :P

    which was meant to be offlimits


  • Closed Accounts Posts: 3,359 ✭✭✭cyclopath2001


    ei.sdraob wrote: »
    and where will the money go? the "untouchable" NPRF?
    Nope, it would be invested in property and in bank shares, it would be 'Safe as Houses'.

    CaseyAnn, the best pension plan is to have lots of kids and hope they still like you when they grow up.


  • Closed Accounts Posts: 3,619 ✭✭✭ilovesleep


    Nope, it would be invested in property and in bank shares, it would be 'Safe as Houses'.

    CaseyAnn, the best pension plan is to have lots of kids and hope they still like you when they grow up.

    Why have babies now after all the abuse thrown upon us?


  • Closed Accounts Posts: 6,565 ✭✭✭southsiderosie


    caseyann wrote: »
    Basically those who are working in jobs with no pension from their actual job have no protection really.As with someone who has pension from work for number of years also gets the state pension correct?

    Like tds get how much a year?

    If someone doesn't have a pension through work, what's stopping them from setting aside money every month to put into a mutual fund or some other savings/investment vehicle? This is easy to set up electronically with automatic debits, so you would never even see this money every month; it would just go straight into a retirement account when you got paid.

    For younger workers, this makes more sense than an employer-based pension anyway, as there are very few people nowadays who will work at the same company for 30 years.

    Public sector pensions are a ticking time bomb anyway: people can retire way too early, and draw down far too much.


  • Closed Accounts Posts: 7,941 ✭✭✭caseyann


    Nope, it would be invested in property and in bank shares, it would be 'Safe as Houses'.

    CaseyAnn, the best pension plan is to have lots of kids and hope they still like you when they grow up.


    LOL thats awful :eek:


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  • Closed Accounts Posts: 7,941 ✭✭✭caseyann


    ilovesleep wrote: »
    Why have babies now after all the abuse thrown upon us?

    I would imagine you will be seeing one child families in coming years in Ireland.And only the elite and tds will be having two and three and private colleges and schools etc... etc..
    Soon Irish will be living in shacks burning their furniture lighting candles and cooking their food on electric plug ins :)


  • Closed Accounts Posts: 7,941 ✭✭✭caseyann


    Manach wrote: »
    National pension reserve fund
    http://en.wikipedia.org/wiki/Pension_fund

    Thanks.
    Just curious how much tax they pay a year and how much someone on 100 grand or more tax wise pay a year and pay into social insurance.And how much they get in their pensions when 65 or over?


  • Closed Accounts Posts: 116 ✭✭COUCH WARRIOR


    caseyann wrote: »
    I am just wondering something.
    You have jobs,you get a pension granted with your job right.And then you have other jobs alot more i think that dont.
    My question is.Would it be a good idea,for all employers no matter what job to set up for their workers and i mean chipper workers all types of putting a certain amount away every week or month for their pension fund.And if you leave that job you can sign it over to your new job and carry on paying it.And cut back the tax on workers?

    Thanks :)


    They already exist. In two models the first is known as a Defined contribution pension scheme the second is a PRSA. There are differences but both essentially work as you describe. BTW one of FGs election promises is to tax such funds


  • Closed Accounts Posts: 7,941 ✭✭✭caseyann


    They already exist. In two models the first is known as a Defined contribution pension scheme the second is a PRSA. There are differences but both essentially work as you describe.

    Now how much do the TDS contribute and the people who get over 100 grand a year.To come out with their whopping pensions?


  • Closed Accounts Posts: 3,359 ✭✭✭cyclopath2001


    If someone doesn't have a pension through work, what's stopping them from setting aside money every month to put into a mutual fund or some other savings/investment vehicle? This is easy to set up electronically with automatic debits, so you would never even see this money every month; it would just go straight into a retirement account....
    how does the money get protected from inflation and tax? Does anyone get paid commission to manage the fund? Is there any guarantee that the fund would pay enough to live on?


  • Closed Accounts Posts: 116 ✭✭COUCH WARRIOR


    how does the money get protected from inflation and tax? Does anyone get paid commission to manage the fund? Is there any guarantee that the fund would pay enough to live on?

    Inflation protection can be managedfor however it will cost. There is no protection from taxes. FG are going to tax pension funds when they get into power. Of course there is no fund to tax for tds, their pensions are paid from current expenditure :( Well they'll hardly do it for free. No guarantees in this life only death and taxes


  • Closed Accounts Posts: 19,986 ✭✭✭✭mikemac


    caseyann wrote: »
    for all employers no matter what job to set up for their workers and i mean chipper workers all types of putting a certain amount away every week or month for their pension fund.And if you leave that job you can sign it over to your new job and carry on paying it.

    PRSA, already exists
    http://www.citizensinformation.ie/en/money_and_tax/personal_finance/pensions/personal_retirement_savings_accounts.html


  • Closed Accounts Posts: 6,565 ✭✭✭southsiderosie


    how does the money get protected from inflation and tax? Does anyone get paid commission to manage the fund? Is there any guarantee that the fund would pay enough to live on?

    In the US, certain kinds of pension contributions are tax-exempt (Roth IRA accounts, for example). The income cap is relatively low, but since young workers generally don't come out of college making $55K a year, it is a way to put a fair amount of money away tax free in the early years of building retirement savings.

    Most funds have a retirement calculator so you can see how much you need to save to be able to afford a certain kind of retirement.

    As for guarantees, most public sector pension funds in the US (particularly at the state and local lever) are WOEFULLY underfunded. There are going to have to be serious benefit cuts and age restrictions, and the longer politicians kick that can down the road, the worse things get. At least if you control your own retirement money, you won't get a nasty shock when you are 50 and all of a sudden have to work for another 15 years (not that people should be drawing pensions when they are 50, but that is another story).


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